White House and Democrats tentatively agree to auto aid… Eastman Kodak, Electronic Arts warn on outlook… Energy shares could get lift from higher oil prices

We may be in the middle of a pre-Christmas rally, but Andrew Gordon says next year’s economic outlook is dire. Job losses are soaring and consumer spending is drying up. And the great unwinding of the credit cycle is not done yet. Andrew says the Dow is due another swoon, perhaps all the way down to 6,000.

U.S., European stocks slide after dismal jobs report… Dollar falls to 7-week low vs yen, but rises vs euro… US government debt falls in face of historic low yields… Crude prices fall to lowest level in almost four years

U.S. stocks open slightly lower in thin holiday trade… Retailers fall on worry about weak “Black Friday” sales… Energy shares pressured as oil prices slip below $53

The S&P 500 Index (.INX) opened today at 795. That’s the first time the index has been below 800 since April 1997. Eleven years of stock gains have vanished.

HP Beats 4Q Forecasts; Carrefour Milks New CEO From Nestle; InBev Officially Closes Anheuser Buy; Home Depot Beats 3Q Estimate; Gulf Bank Loses $1.4 Billion; Mexican Tycoon Interested in Circuit City; Wholesale Prices Plummet

Citigroup Inc. (C) today (Monday) unveiled plans to cut more than 50,000 jobs in the “near term” and slash expenses by 20% to preserve capital as it faces a global slowdown that’s expected to push well into 2009.

Fed cuts rates 50 BPS!…  Currencies rally Big!…  3rd QTR GDP to go negative?…  I.O.U.S.A. … And Now… Today’s Pfennig!

U.S. equities rallied yesterday (Tuesday) as the U.S. Federal Reserve convened for the first day of a two-day meeting of its monetary policy committee.

Fear of a global recession is quickly becoming reality as world markets have lost $10 trillion in value in the month of October and the U.S. economy almost certainly contracted in the third quarter.